Mismatched Credit Cards Cost Canadians Thousands

March 17, 2014: Toronto, Ontario – Carrying a mismatched credit card is akin to throwing away cash – and Canadians may be surprised to learn that annual fees and unnecessary features could be costing them more than a thousand dollars each year.

RateSupermarket.ca, Canada’s comprehensive financial rates comparison resource, found a card with non competitive features could cost a cardholder an extra $1,194 per year, based on a $6,000 balance and 19.90% annual interest rate.

Finding The Value In Switching

However, with so many credit card options available in the Canadian marketplace, consumers may be overwhelmed by their choices, especially when determining the true dollar value of selecting one credit card over another.

Now there’s a new tool available for those wondering how their credit card stacks up against the best on the market. RateSupermarket.ca’s Credit Card Rewards Calculator crunches the difference between a consumer’s current card, and the potential savings from switching to a market leading low interest or cash back rewards option.

“Consumers may be incentivized to switch cards due to features such as points or bonuses, but we believe there’s real value in knowing down to the dollar what the right card can save you,” says Penelope Graham, Editor at RateSupermarket.ca. “These calculators are the latest tools we’ve provided to give consumers transparent access to the credit card marketplace, and to help them understand their card options.”